Page 22

More fruit and nut

DEAR BAFFLED, Throgmorton Street: Help is on the way. The Stock Exchange's regulatory adviser on continuing obliga- tions is worried about a company called Arlen. He wrote to it (as I was saying last week) to complain that the accounts did not show how far Arlen complied with the Cadbury code on corporate governance. Greville Howard, Arlen's chief executive, has written back: 'I think it is clear that the company has ignored the code, but I bow to your judgment. Next year I will do my best to make it clearer to shareholders that they should assume that the company does not comply with the code of best practice. Per- haps under the heading "More Fruit and Nut". What do you think?' I think that should do it.